ACC 201 Chapter 3 Midterm Exam Note: Please put your answers only in the section below the Bold Red sentence at the end of the Required section below. Christmas Town sells all things for Christmas: ornaments, stockings, lights, and more. The owners of Christmas Town would like to know what assets, liabilities, and stockholders' equity they have on December 31, 20X1. The account balances on December 31, 20X1, in a jumbled order, are as follows: Accounts payable 78,600 Retained earnings 215,000 Salaries expense 111,000 Inventory 57,900 Furniture and equipment 24,000 Salaries payable 1,400 Accounts receivable 35,600 Building 461,100 Revenue 326,000 Cash 10,400 Notes payable 50,000 Capital stock 29,000 Note: The balance in the retained earnings account is the actual balance in the account prior to preparation of the financial statements, which is of course the ending balance from the previous year. Also, please note that the account balances listed above contain all of the accounts, not just the balance sheet accounts, of the company.